The Bank of Russia published its first draft of regulations as part of the introduction of cryptocurrency regulations in the country, including capital requirements for companies holding and registering digital assets.
The proposals would extend systems already in use in Russia’s securities markets, including exchange trading, custody, registration and disclosure rules, to include digital assets.
The framework would create “digital custodians,” regulated companies that would record holdings of cryptocurrencies and other digital assets. They would need between 50 million ($570,000) and 250 million rubles ($2.8 million) in capital, depending on the services they provide.
Settlement depositories would require 250 million rubles ($2.8 million) in capital. The requirement drops to 100 million rubles ($1.1 million) for firms that control crypto addresses or hold assets at foreign custodian banks, and 50 million rubles ($570,000) for other digital custodians.
Assets counted in these capital requirements must be liquid, while eligible financial assets must meet the central bank’s credit quality standards. The requirements will also apply to operators of electronic platforms that settle transactions involving digital financial assets.
The central bank will maintain registers of digital depositories, crypto exchange operators and companies that issue digital financial assets.
